Procurement Fraud: Court Grants Emefiele N300m Bail

A High Court sitting in Abuja has granted the immediate past Governor of Central Bank of Nigeria (CBN) Godwin Emefiele bail in the sum of N300 million.
Justice Hamza Muazu stated this on Wednesday while ruling in the bail application filed by Counsel to Emefiele, Mathew Burkaa.
This latest development is happening four months after the Federal High Court Sitting in Lagos granted him bail in the sum of N20 million, in a separate case bordering on illegal possession of arms.
The court also ordered Emefiele to produce two sureties in the like sum of N300 million, who must have property in the Maitama district of Abuja.
In addition, the sureties must present the title documents and Certificates of Occupancy (C of O) to the court for verification.
Emefiele was also ordered to submit his travelling documents to the registrar of the court and must remain within the Abuja Municipal Council during the period of his trial.
He is expected to remain in Kuje Correctional Centre pending when he meets the bail conditions.
Though Emefiele was absent at the court but his lawyers argued that it was normal since he is already at the Kuje Correctional Centre.
Procurement Charges
Emefiele is facing charges of alleged procurement fraud filed by the Economic and financial Crimes Commission (EFCC).
But the Federal Government had on Friday, November 17, 2023, arraigned Emefiele on a six-count charge bordering on alleged procurement.
The original charge, which was 20 counts and amounted to N6.5 billion was reduced to six, to the tune of N1.6 billion.
Emefiele is the only defendant in the new charge.
Recall that the former CBN governor appeared in court on Friday for a bail application, though he pleaded not guilty to the six-count charges aganst him.
In the amended charge sheet, the charges bordered on procurement fraud.
The Federal Government alleged that Emefiele illegally bought 43 vehicles between 2018 and 2020 worth N1.2 billion.
He was also accused of awarding a contract for the procurement of 37 Toyota Hilux Vehicles valued at N854 million.
The count one of the charge reads: “That you, Godwin Ifeanyi Emefiele, male, adult, sometime in 2018 within the jurisdiction of this Honourable Court did use your position as Governor of the Central Bank of Nigeria to confer a corrupt advantage on Sa’adatu Ramallan Yaro, a staff of the Central Bank of Nigeria by awarding a contract for the supply of 37 Toyota Hilux Vehicles at the cost of N854,700,000 only to April1616 Investment Limited, a company in which the said Sa’adatu Ramallan Yaro is a director and thereby committed an offence.”
In the second count, the former CBN boss was accused of using his position to corruptly confer an advantage on Yaro, a staff of the apex bank by awarding a contract for the supply of one Toyota Avalon at the cost of N99,900,000 only to April1616 Investment Ltd, a company in which the said Sa’adatu Ramallan Yaro is a director and thereby committed an offence.
The former CBN boss was also accused of conferring corrupt advantage contrary to Section 19 of the Corrupt Practices and Other Related Offences Act 2000 by awarding a contract for the supply of one Toyota Landcruiser V8 to April1616 Investment Limited in 2019 at the cost of N73 million.
In the fourth court, Emefiele was accused of illegally awarding a contract to April 1616 Investment Limited for the procurement of a Toyota Landcruiser V8 valued N73,800,000.
The Federal Government also accused the former CBN governor of awarding a contract to Yaro for the supply of two Toyota Hilux Shell Specification Vehicles at the cost of N44,200,000 in 2020.
Justice Hamza Muazu of the Federal Capital Territory High Court adjourned the case till November 22 for ruling on the bail application of Emefiele and November 28 for the commencement of trial.

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